PTI reported that supported by a firming trend overseas and strong domestic demand, nickel futures prices rose by 0.48% to INR 1,025.20 per kilogram.

At the Multi Commodity Exchange, nickel for delivery in February 2012 rose by INR 4.90 or 0.48% to INR 1,025.20 per kilogram, with a business turnover of 314 lots.

In a similar fashion, the metal for delivery in January 2012 gained INR 4.60 or 0.45% to INR 1,020.10 per kilogram, with a business turnover of 1,707 lots.

At the London Metal Exchange, nickel rose by 0.6% to USD 20,330 per tonne, the highest since September 22nd 2011.

Market analysts said a firming trend in metal at the LME after reports that Russia's OAO GMK Norilsk plans to trim production this year amid pick up in demand from domestic alloy-makers, helped nickel futures to trade higher.

(Sourced from Press Trust of India)